The Financial Services Compensation Scheme (FSCS) has budgeted between £360,000 and £540,000 for the PR activity over the next two years, which includes raising public awareness and handling corporate and stakeholder engagement.
Most prominently involved in paying back customers for mis-sold Payment Protection Insurance (PPI), the scheme is funded through levies on the industry, which are set to increase by £28m to £313m in 2014.
In the recent FSCS 2014/15 budget, which outlined the increase in levies, it was predicted that ongoing high numbers of mis-sold PPI claims will lead to a 20 per cent increase in compensation payouts next year.
A spokeswoman for the scheme, which also offers compensation for savings lost when banks go under, said awareness-raising would be "at the heart" of the winning agency's mission.
"The successful agency will form part of an existing integrated communications team working with FSCS and the other agencies it retains," she said.
"It will be required to provide strategic advice and support on the creative development of consumer PR themes, plans and tactics as well as the implementation and delivery of PR activity that gets results."
Hanover declined to comment.